Outsourced Accounting or Accounting as a Service (AaaS) provider can be the catalyst to take your organization to the next level. For some SMBs, accounting is not looked at as a strategic function of the organization, but it should be. It also shouldn’t take focus away from growing your core business. Lots of SMBs don’t consider Outsourcing. Here are 5 main reasons why.
1) They think it is too expensive
By using Accounting as a Service, you have access to shared service center. Providers have put a lot of investment, thought, and execution into their model and have staffed accordingly. With an AaaS provider you now have access to a full accounting department that often is less expensive than one full-time FTE. This doesn’t even figure in technology costs that come with the service.
2) It is the same as bookkeeping services
Bookkeepers are responsible for recording daily financial transactions. Controllers are responsible for financial reporting, internal audit and internal controls. CFO are responsible for financial planning, financial data analysis and strategic planning. By relying only upon a bookkeeper you are stuck looking in the past and cannot see into the future to effectively make critical decisions for your business. AaaS providers ensure daily transactions are done correctly but also greatly reduce risks and provide necessary forward-thinking strategy to help growth your business.
3) We can just do the same in-house
For most SMBs it is hard to justify the expense of having a bookkeeper, controller, VP of finance and CFO. All positions have importance. You don’t want to pay a senior level person to do daily transactions and you definitely don’t want to ask an entry level person to manage financial risks.
4) We cannot have any finance staff in-house
Often AaaS providers work with internal staff to fill voids. Yes, providers can function as the entire finance department but often work with existing staff to help maximize their production.
5) We have more control and stability by utilizing in-house staff
Employees turnover and training are always on the minds of companies. If you don’t have a defined professional develop plan for each employee, you are at risk of losing your top talent to other opportunities. By using an AaaS provider you eliminate the risk of employee turnover. You also will not miss a beat when people people are out sick, on vacation, or on leave.
When your business grows, you should celebrate—not suffer. Try telling that to the finance team that’s still trying to make QuickBooks work. It’s just too basic to handle growing organizations with evolving needs. So your team might be compensating with inefficient workarounds and spreadsheets. And you may realize you can’t rely on your basic reports to be of any strategic use. That’s a lot to pay for a “low cost” solution. Find out what makes Intacct the top solution for QuickBooks graduates.
Make the “day to day” easier
If your team is spending hours on spreadsheets, your entry-level accounting solution isn’t doing you any favors. Ditch the extra data entry with Intacct’s feature-rich cloud accounting solution. Automate multi-entity close and reporting, revenue recognition, project accounting, and more. Save team time today and be prepared for tomorrow with a solution that can handle almost any accounting process you can imagine.
Flex your reporting muscle
Intacct was uniquely designed to give you endless reporting flexibility. Unlike QuickBooks, Intacct enables you to track both financial and operational data in real time. You can easily drill from top-level results down to the performance for a specific entity or location, then down to individual transactions. And you can access your reports from any web browser, on any device. Integrate without IT, and other cloud benefits Organizations that are outgrowing QuickBooks can expect high ROI when switching to cloud accounting. You don’t have to worry about system availability and security—that comes guaranteed. Plus, it’s instantly easier to connect with other cloud-based best-in-class business systems, like Salesforce CRM, so you can share data between systems without human data entry or errors.
Key outcomes:
Improve productivity by eliminating manual processes and spreadsheets
Get instant visibility into business performance, anytime, anywhere
Integrate with your other applications to eliminate data re-entry and information silos
Save money, increase security, and reduce IT headaches
Monarch Medical operates in a highly regulated and competitive industry, where the quality of products and services directly impact patient care. At the outset of the engagement with Lavoie, Monarch (which was purchased by Eigen Capital in 2012) had minimal processes...
The accounting industry continues to quietly undergo a transformation that will be revolutionary once the history books are written. This transformation is mainly the fruit of rapid developments in the technological infrastructure that powers the day-to-day functions...
The COVID-19 pandemic has been an incredibly trying time for the healthcare field. Hospitals are facing an unprecedented financial crisis driven by labor and supply chain issues as case numbers and breakthrough infections continue to surge. Kaufman Hall estimates that...
Accounting is one of the most important ingredients of success for private equity firms large and small. When accounting is optimized for the best practices of private equity, it becomes an additional catalyst for success. On the other hand, if accounting is not done...
Lavoie CPA & Jirav Launch Strategic Partnership Lavoie CPA has added Jirav, an all-in-one business planning software for small and medium companies, to its lineup of preferred cloud solutions for the accounting profession. At Lavoie CPA, we leverage accounting as...
The accounting industry continues to quietly undergo a transformation that will be revolutionary once the history books are written. This transformation is mainly the fruit of rapid developments in the technological infrastructure that powers the day-to-day functions...
Accounting is one of the most important ingredients of success for private equity firms large and small. When accounting is optimized for the best practices of private equity, it becomes an additional catalyst for success. On the other hand, if accounting is not...
The accounting and finance industry has experienced a rapid digital transformation over the last 10 years. What began as custom software programs built for the accounting departments of giant corporations evolved into an entire ecosystem of accounting and finance...
Economic uncertainties continue to plague the United States due to the Delta Covid variant. According to a September 2021 Wall Street Journal article, “In recent weeks many economists lowered their forecasts for third-quarter economic growth . . . amid the spread of...
As the CFO of a hospital or healthcare organization, you understand the substantial financial burden facing the healthcare industry. From cumbersome pre-authorization processes to ever-changing government regulations, inefficiencies account for up to $200 billion in...
Every business needs reliable financial reporting and management in order to make sound company decisions. That means every company needs an accounting team that’s skilled in financial processes, reporting, and compliance. For the highest quality accounting, many...
When you start a small business, you're driven by passion and grit. But as your business grows, so do its demands. Many entrepreneurs make the mistake of wearing too many hats, seeking to cut expenses by handling their own bookkeeping and financial needs. These...
Every business knows that there are times, be it times of growth or times of strain, that additional accounting resources are needed to help the business meet or exceed its goals. The question remains: How do you know when it’s that time? We’ve outlined 12 common...
When a business is in growth mode, executives need to make more difficult decisions that are efficient and cost-effective for their organization. The foundation of these decisions is a firm grasp of the financial health of the organization. That is why business owners...
One of the biggest benefits of outsourced accounting is that it can save businesses money. In fact, businesses can save 30-40% by using an outsourced accounting partner. How? In this article, we dive deeper into the ways outsourced accounting can save companies...
Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Fabi Preslar (we’ve learned is pronounced “Faybee”) and her entrepreneurial...
Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.When Devin Allen’s grandmother fell into a coma, doctors offered a grim...
Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.Before Emma Allen emerged as a successful financial professional, she was Chuck...
Each #WomenWhoLead feature will be showcased on a wall mural in South End Charlotte. If you know a woman leader who you want to feature on the wall, please click the button to nominate her.As an employee benefits attorney at Poyner Spruill in Charlotte, Kelsey Mayo...
Free up internal staff to focus on your core business while saving time, resources, and capital. Managed Accounting is simply shifting the functions and tasks of basic and critical business processes, traditionally managed inside your company, to an external provider, such as an accounting firm. By taking advantage of the power of secure cloud-based technologies, your business would receive a comprehensive range of managed business services for its clients, from A/P and A/R to controllership and virtual CFO services and we provide the ERP system to scale with it all.
Besides saving your company precious time, resources, and money by utilizing managed accounting services, you’ll also be able to free up and redirect your internal staff and resources to supporting revenue-generating core business functions, including strategic planning.
In addition, when you partner with a third-party, you won’t have to worry about software and hardware upgrades and maintenance, or security! And you won’t need dedicated IT staff to support an in-house ERP system. Cloud technology platforms are state-of-the-art and offer the highest levels of security in the industry. Your financial data and business information is always safe and secure. Most importantly your data is always accurate and in real-time.
With real-time access to your data, we can generate custom reports, forecasting, benchmarking, and real-time data analysis. Why settle for financial reports and analysis that are out of date the day they are printed? Now you can be sure you are always working with the latest up-to-date information at your fingertips, 24/7. Get a better picture of your business in real-time.
Financial controllers are increasingly taking on the role of financial operating officer. You’re ensuring that finance runs smoothly and that there are not surprises on audit day.
But what does “running smoothly” really mean?
Download this eBook to learn six ways that today’s best-in-class controllers follow to successfully meet and overcome challenges in the profession.
